Axalta Reports Increases in Performance Coatings Sales
Feb. 10, 2017—Axalta Coating Systems Ltd. reported 2016 performance coatings net sales were $608.8 million in Q4 2016, an increase of 3.4 percent year-over-year.
Constant currency net sales increased 7.7 percent, driven by a 2.5 percent increase in volumes and higher average selling prices of 5.2 percent in the period. Acquisitions added 4.3 percent to volume growth in the quarter.
The performance coatings segment generated an adjusted EBITDA of $138.5 million in the fourth quarter, a 5.8 oercent year-over-year increase. Contribution from acquisitions, positive pricing, coupled with variable cost savings, were partially offset by negative foreign currency translation and incremental operating expense to support growth initiatives.
For overall sales across all business segments, however, Axalta reported 2016 net sales were slightly down from 2015, going from $4.087 billion to $4.073 billion. In a press release, the company stated the loss could be attributed to a 3 percent negative impact from foreign currency translation.